Bearing in mind that I've never experienced that legendary night time aspect of Mongkok (I always get back to the Island as soon as the business day is done), I couldn't fathom staying there on purpose. While the mall isn't necessarily more insane than the IFC (i.e. good luck finding a table in either complex pretty much any time... lunch is exceptionally challenging), Mongkok doesn't have an LKF or Soho close by, is far removed from the harbor (bad smelling or not, it is nice to look at, and its presence probably shaves a few degrees off the thermometer), and features a HUGE milk powder business (note: please don't equate this comment to any sort of mainlander bashing on my part).

If I were to stay somewhere in Hong Kong that wasn't close to Central/Wanch, I'd shoot for a nice area near the water with a lowish population density.